2013-02-26 16:56:29 -
Centerline Capital Group Provides the Funds to Refinance a
Multifamily Property in Torrance, California
- Total funding equals $5 million-
New York, NY - February 26, 2013 - Centerline Capital Group ("Centerline"), a
provider of real estate financial and asset management services for affordable
and conventional multifamily housing, and a subsidiary of Centerline Holding
Company (OTC: CLNH), announced today it has provided a $5 million Fannie Mae DUS
Choice Loan to refinance Duo Quorum Apartments, a multifamily property located
in Torrance, California.
Duo Quorum Apartments, located at 18311
Bailey Drive, is an 86-unit apartment
complex that is made up of 4 two-story apartment buildings, 2 single-story
apartment buildings, a single-story clubhouse building and a single-story
fitness and laundry building. The unit mix includes two single units, 12 one-
bedroom apartments and 72 two-bedroom units.
Now a director at Centerline, Bryan Cullen originally financed Duo Quorum
Apartments 10 years ago while with a different DUS lender. "I worked hard to
effectively nurture and maintain this relationship over the past decade and was
thrilled to win this deal over the existing DUS lender for the refinance."
Loan terms include a 10-year term, with 30-year amortization period. The
borrower is a California Limited Liability Company that was the original
developer of the property in 1969.
"Duo Quorum Apartments is well located in a neighborhood that is very desirable
for those who either work in downtown Los Angeles or those who want to live
close to the ocean," continued Cullen. "The property also boasts a great
occupancy rate of 99% and has been very well managed since it was constructed,
making this a solid deal for Centerline."
Property amenities include a swimming pool, a concrete-paved patio area,
concrete-paved parking areas, two steel retractable gates, block walls, and
"Centerline is a fast and efficient finance partner that consistently delivers
on what they promise," commented Hap Frank, CFO at H&L Properties. "It is a
pleasure to have a relationship with an organization that has such a strong
understanding of current needs of today's property owner and investor."
The Mortgage Banking Group at Centerline provides mortgage financing for
conventional multifamily properties throughout the United States. Centerline is
a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage
provider and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC:
CLNH), provides real estate financing and asset management services focused on
affordable and conventional multifamily housing. We offer a range of both debt
financing and equity investment products, as well as asset management services
to developers, owners, and investors. An industry leader, Centerline is
structured to originate, underwrite, service, manage, refinance or sell through
all phases of an asset's life cycle. A leading sponsor of Low-Income Housing
Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity
across 137 funds, and invested in over 1,600 assets spanning 47 states. The
firm's multifamily lending platform services more than $11.5 billion in loans.
Founded in 1972, Centerline is headquartered in New York City, with 246
employees in ten offices throughout the United States. A strategic partner of
Island Capital, Centerline is organized around four business units: Affordable
Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management.
To learn more about Centerline, visit www.centerline.com.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE